U.S. equities have been resurrected
U.S. equities have been resurrected after savage selling into the close was followed by a sell-off in Asia and a bounce in Europe. After the worst sell-off in 7-years, tech has rebounded as earnings beats replaced yesterday's warnings in the chip sector that thrashed sentiment. The slowdown in China, tarnished by tariffs, has boomeranged into the tech sector, but Microsoft, Tesla, Twitter and Comcast all surprised on the upside overnight. AMD plunged 20% yesterday, going from 2018 darling to goat, along with warnings from TI and STM. In Asia, Japan's N-225 sank 3.7%, though China's CSI 300 was up 0.19%. In Europe, the Euro Stoxx 50 is +0.5% and German DAX +0.24% after the ECB held pat and German Ifo plunged, though the UK FTSE is slightly lower. Stateside, the Dow is 119-points higher, S&P gained 14-points and NASDAQ is 63-points higher after the mixed round of durables, trade and claims data, and ahead of the opening bell. FAANGS are roughly 1.5% higher ahead of earnings results due from Alphabet, Amazon and Intel after the close. Fedspeak from VC Clarida and the 7-year auction are next.